France cleared to impose controversial ‘millionaire tax’

France’s Constitutional Council approved on Sunday the government’s controversial ‘millionaire tax’, to be levied on companies that pay salaries of more than 1 million euros (837 thousand pounds) a year:

  • the tax will be a 50 percent levy on the portion of wages above 1 million euros in 2013 and 2014
  • It will be levied on companies, not the individual
  • Including social contributions, the rate will effectively remain about 75 percent, though the tax will be capped at 5 percent of a company’s turnover

Reuters

Author: Eamonn Sheridan

Eamonn Sheridan worked with Bankers Trust Australia for 13 years as a Spot foreign exchange dealer, trading across all major currencies and all time zones. He rose to a Vice President position, running spot operations during the busy European time, leaving the bank just prior to it being sold to concentrate on running his own business in the ‘real world’! The markets, however, had him hooked – he continued to trade equities, CFDs and then on to futures, giving him broad experience across financial markets. He is now active in FX and equity index futures as well as writing for ForexLive™. Eamonn is a graduate of The University of Melbourne in Australia and lives in New South Wales.

2 Comments

  1. They just can’t let it go (hehehe); This kind of measures may apply in other countries as well; it’s just a precedent.

  2. So easy to spend OPM. These governments are a bottomless pit of waste and fraud.
    Despite trillion-dollar deficits, last year’s 10,160 earmarks included $200,000 for a tattoo removal program in Mission Hills, California; $190,000 for the Buffalo Bill Historical Center in Cody, Wyoming; and $75,000 for the Totally Teen Zone in Albany, Georgia.

    Congress recently gave Alaska Airlines $500,000 to paint a Chinook salmon on a Boeing 737

    Over one recent 18-month period, Air Force and Navy personnel used government-funded credit cards to charge at least $102,400 on admission to entertainment events, $48,250 on gambling, $69,300 on cruises, and $73,950 on exotic dance clubs and prostitutes

    The Commerce Department has lost 1,137 computers since 2001, many containing Americans’ personal data.

    A GAO audit classified nearly half of all purchases on government credit cards as improper, fraudulent, or embezzled. Examples of taxpayer-funded purchases include gambling, mortgage payments, liquor, lingerie, iPods, Xboxes, jewelry, Internet dating services, and Hawaiian vacations. In one extraordinary example, the Postal Service spent $13,500 on one dinner at a Ruth’s Chris Steakhouse, including “over 200 appetizers and over $3,000 of alcohol, including more than 40 bottles of wine costing more than $50 each and brand-name liquor such as Courvoisier, Belvedere and Johnny Walker Gold.” The 81 guests consumed an average of $167 worth of food and drink apiece.

    The list is endless.
    Sooner or later the silent majority has to rise up and do something.

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